NOVAGOLD Reports Third Quarter 2023 Financial Results Successful Completion of 2023 Field Program, Positioning the Donlin Gold Project for the Next Phase of Development Increased Cash and Term Deposits to $130 Million With the Receipt of $25 Million

 NYSE AMERICAN, TSX: NG

NEWS RELEASE

NOVAGOLD Reports Third Quarter 2023 Financial Results

Successful Completion of 2023 Field Program, Positioning the

Donlin Gold Project for the Next Phase of Development

Increased Cash and Term Deposits to $130 Million With the Receipt of $25 Million

▶ The 2023 field program at the Donlin Gold project was completed safely and successfully on schedule

in July, with 63% of its direct hires originating from the Yukon-Kuskokwim (“Y-K”) region.

▶ Our ongoing focus at Donlin Gold is on finalizing the geologic and resource models using data

obtained from the extensive drill programs, as well as the recently completed fieldwork at the project

site to advance the Alaska Dam Safety certification applications.

▶ On September 21, 2023, both Barrick Gold Corporation (“Barrick”) and NOVAGOLD (collectively

referred to as the “Owners”) attended a workshop in Alaska to review the substantial amount of work

completed to date and discuss the next steps for the Donlin Gold project and workplan for the coming

years.

▶ NOVAGOLD’s treasury remains strong with $130 million in cash and term deposits as of August 31,

2023, which includes a $25 million note payment received from Newmont Mining Corporation

(“Newmont”) in July 2023 — a healthy financial position to advance the Donlin Gold project up the

value chain.

October 3, 2023 – Vancouver, British Columbia – NOVAGOLD RESOURCES INC. (“NOVAGOLD” or “the

Company”) (NYSE American, TSX: NG) today released its 2023 third quarter financial results and an update

on its Tier One1 gold development project, Donlin Gold, which NOVAGOLD owns equally with Barrick.

Details of the financial results for the quarter ended August 31, 2023, are presented in the consolidated

financial statements and quarterly report filed on Form 10-Q on October 3, 2023 that is available on the

Company’s website at www.novagold.com, on SEDAR+ at www.sedarplus.ca, and on EDGAR at www.sec.gov.

All amounts are in U.S. dollars unless otherwise stated.

Third Quarter 2023 Donlin Gold Highlights:

▶ The field program was successfully completed in July and encompassed:

 The completion of comprehensive fieldwork and geotechnical drilling required to complete

the Alaska Dam Safety certification applications;

 Fieldwork to further define groundwater at the site, including 1,279 m of hydrogeologic

drilling with instrumentation and pump tests, providing essential information for mine

planning and design;

 Lyman family’s historic placer site stream restoration, with stream and pond habitat creation

advanced in 2023, and final work including anticipated aquatic life access and use planned

for the 2024 field season.

1 NOVAGOLD defines a Tier One gold development project as one with a projected production life of at least 10 years, annual projected production of at least 500,000 ounces of

gold, and average projected cash costs over the production life that are in the lower half of the industry cost curve.

▶ State permitting activities were successful, including the following:

 The Air Quality permit was reissued;

 The second of the two Right-of-Way (“ROW”) permit appeals by a local lodge owner was

denied in Alaska Superior Court, and not further appealed. The first appeal by Earthjustice

that was denied by the Superior Court was appealed to the Alaska Supreme Court and the

briefing process is underway;

 The Alaska Pollutant Discharge Elimination System permit was extended and is expected to

be re-issued in 2024;

 The Alaska Water Rights permits were upheld in Alaska Superior Court;

 The Alaska Department of Environmental Conservation (“ADEC”) Commissioner upheld the

Clean Water Act Section 401 certification of the U.S. Army Corps of Engineers (the “Corps”)

permit.

▶ The State of Alaska was granted intervenor status along with Donlin Gold and Calista Corporation

(“Calista”) with respect to the Federal litigation on the Donlin Gold Joint Record of Decision and 404

permit. Donlin Gold will continue to support the agencies in defending their thorough and diligent

permitting process.

▶ Trade-off studies and extensive analysis on project assumptions, inputs, design components for

optimization (mine engineering, metallurgy, hydrology, power, and infrastructure) were completed

to inform the next steps in taking the project further up the value chain.

▶ In collaboration with Calista and The Kuskokwim Corporation (“TKC”), Donlin Gold achieved the

following milestones in areas spanning education, health and safety, cultural traditions, and

environmental initiatives:

 Added a new community liaison representative from the local village of Nunapitchuk,

bringing the total to six team members;

 Participated and provided support to the annual “In It For The Long Haul” waste backhaul

program for the sixth year in a row;

 Supported the Alaska EXCEL initiative, a non-profit organization providing supplemental

academic, career and technical education programming for rural youth and young adults

across the Y-K region.

 Held numerous stakeholder engagement meetings in Alaska with State officials and the Corps, in

partnership with Calista and the village of Crooked Creek. These sessions emphasized the project’s

comprehensive environmental review and permitting processes, as well as our close collaboration

with Native Alaskan landowners.

President’s Message

An Exceptional Asset Paving the Way for Further Value Creation

Donlin Gold’s steadfast commitment to advancing its extraordinary project up the value chain is reflected

in our increased investments and expanded partnerships with the communities of the Y-K region. The

extensive work done on the project to date has added considerable value in a responsible manner for all

stakeholders, including Alaska residents and NOVAGOLD shareholders. Donlin Gold is a truly remarkable

open-pit gold development project — characterized by its unique combination of rarity, sheer size, and

development status. Located on private land designated by law for mining in Alaska, the second-largest

gold-producing state in the United States, Donlin Gold aligns perfectly with the State’s commitment to

environmentally and socially responsible resource development, making it an extremely appealing

investment for those seeking peace of mind. This project holds the esteemed status of a true “Tier 1

Asset” in a world-leading jurisdiction and is anticipated to provide exceptional gold leverage and

economic benefits for all stakeholders. As the leading gold development project in Alaska, a state

renowned for its responsible mining practices, Donlin Gold, when built, is expected to serve as a

cornerstone for genuine and sustainable economic growth in the Y-K region for years to come.

Boasting approximately 39 million ounces of gold with an impressive grade for an open pit project of 2.24

grams per tonne in Measured and Indicated Mineral Resources including Proven and Probable Mineral

Reserves, and a projected mine life over 27 years, Donlin Gold possesses the potential to emerge as a

sizeable low-cost gold producer with a solid foundation and significant growth opportunities.2 Exploration

opportunities extend well beyond the current resource areas which cover only a fraction of the extensive

land package. These factors collectively position Donlin Gold as a captivating story in gold development,

underscored by NOVAGOLD’s unwavering commitment to responsible mining, trust-building, and

continual project improvement.

Dedication, Discipline, and Preparation for the Next Phase in the Donlin Gold

Project

In the third quarter, the Donlin Gold team safely wrapped-up site activities on schedule. These included

comprehensive fieldwork and geotechnical drilling required for the Alaska Dam Safety certificate

applications, which involved data collection at the locations earmarked for water retention structures with

74 geotechnical test pits, including for the proposed tailings storage facility, 1,840 meters of geotechnical

drilling, 25 kilometers of seismic survey, and tailings storage facility test plot liner installation. Donlin Gold

will now assemble the data for the next step in advancing the Alaska Dam Safety certificates, submittal of

the Preliminary Design Packages to the State of Alaska. Issuance of the certificates based on detailed

engineering design is expected in 2026. Additional fieldwork also took place to further define

groundwater at the site, which included 1,279 meters of hydrogeologic drilling with instrumentation and

pump tests, providing essential information for mine planning and design. At the historic Lyman placer

site, restoration work encompassed significant stream and pond habitat creation. Final work including

anticipated aquatic life access and use is planned for the 2024 field season.

During this past quarter, the Owners were doing work to validate the update geologic and resource

model which is also being utilized for mine planning work. Donlin Gold, with support from the Owners

and third-party consultants, also completed the trade-off studies and extensive analysis on project

assumptions, inputs, design components for optimization such as mine engineering, metallurgy,

hydrology, power and infrastructure.

The recently completed comprehensive work provided valuable information for the Donlin Gold LLC

board and its Owners. These were further discussed during the most recent workshop in Alaska and are

helping us define the next steps in the advancement of the Donlin Gold project and workplan for the

coming years. The Owners are committed to advancing the Donlin Gold project in a financially disciplined

2 Donlin Gold data as per the report entitled “NI 43-101 Technical Report on the Donlin Gold Project, Alaska, USA” with an effective date of June 1, 2021 (the “2021 Technical

Report”) and the report titled “S-K 1300 Technical Report Summary on the Donlin Gold Project, Alaska, USA” (the “S-K 1300 Report”), dated November 30, 2021. Donlin Gold

possesses Measured Resources of approximately 8 Mt grading 2.52 g/t and Indicated Resources of approximately 534 Mt grading 2.24 g/t, each on a 100% basis and inclusive of

Mineral Reserves, of which approximately 4 Mt of Measured Resources and approximately 267 Mt of Indicated Resources inclusive of Reserves is attributable to NOVAGOLD

through its 50% ownership interest in Donlin Gold LLC. Exclusive of Mineral Reserves, Donlin Gold possesses Measured Resources of approximately 1 Mt grading 2.23 g/t and

Indicated Resources of approximately 69 Mt grading 2.44 g/t, of which approximately 0.5 Mt of Measured Resources and approximately 35 Mt of Indicated Resources exclusive

of Mineral Reserves is attributable to NOVAGOLD. Donlin Gold possesses Proven Reserves of approximately 8 Mt grading 2.32 g/t and Probable Reserves of approximately 497

Mt grading 2.08 g/t, each on a 100% basis, of which approximately 4 Mt of Proven Reserves and approximately 249 Mt of Probable Reserves is attributable to NOVAGOLD.

Mineral Reserves and Resources have been estimated in accordance with NI 43-101 and S-K 1300.

manner, with a strong focus on engineering excellence, environmental stewardship, a robust health and

safety culture, and continued community engagement.

Fostering Partnerships with Regional Stakeholders, with Consistent Support from

Alaska’s U.S. Representatives

A crucial differentiating factor which sets Donlin Gold apart from many other mining assets in the United

States is its location on private land designated for mining activities under the Alaska Native Claims

Settlement Act of 1971. Donlin Gold’s enduring partnerships with Calista and TKC have been pivotal in

facilitating broad and inclusive local stakeholder outreach throughout the Y-K region. Our dedication to

fostering genuine tribal involvement throughout the project’s development and permitting phases follows

from our decades-long and consistent engagement with the communities in the project’s vicinity. In June

2023, Donlin Gold reaffirmed this commitment by appointing an additional community liaison

representative from the local village of Nunapitchuk, thereby increasing the total number of team

members to six. These collaborative efforts are reinforced by the establishment of 14 Shared Values

Statements with key villages in the Y-K region. These statements formalize Donlin Gold’s consistent

engagement with local communities, build upon existing long-term relationships, and address specific

community needs.

During the third quarter, Donlin Gold collaborated with Calista and the village of Crooked Creek to

conduct additional meetings in Alaska to engage State officials and the Corps. Additional gatherings were

held in Washington, D.C. with members of the Congressional delegation and with senior leadership from

the U.S. Department of Interior, as part of an ongoing bipartisan outreach campaign directed at the Biden

Administration and the U.S. Congress. Notable participants included Senators Lisa Murkowski and Dan

Sullivan, along with Representative Mary Peltola from the Y-K region. In all of these interactions, Calista,

Donlin Gold and Crooked Creek placed great emphasis on the thoroughness of the project’s

environmental review and permitting procedures, as well as on our strong partnerships with Native

Alaskans who own the land.

In August, Donlin Gold received special recognition from U.S. Representative Mary Peltola during the 2023

Alaska Oil and Gas Association Annual Conference for its exceptional project outreach and community

engagement efforts. This acknowledgment underscores Donlin Gold’s commitment to fostering positive

relationships and actively involving local communities in the Y-K region and reflects the importance of

responsible and sustainable resource development in Alaska.

Steadfast Commitment to Community Wellness, Social Responsibility, and

Education in the Y-K Region

NOVAGOLD places a strong emphasis on community and social responsibility — a commitment to shared

values that is fulfilled at both the Donlin Gold project site and within the communities of the Y-K region.

Our efforts are concentrated on education, community well-being, cultural preservation, and

environmental stewardship. Donlin Gold reinforces these goals through fisheries studies, conservation

initiatives, cultural preservation activities, and targeted grants. During the third quarter, a diverse array of

projects and activities took place that built on our longstanding engagement.

In collaboration with the village of Napaimute, Donlin Gold actively participated in and provided principal

support for the “In It for The Long Haul” backhaul program for the sixth year in a row. This vital project is

dedicated to the collection, removal, and safe disposal of household hazardous and electronic waste from

villages across the Y-K region, preventing its adverse impact on landfills and waterways. This year’s

program achieved significant milestones, including the removal of waste from fish camps in the Middle

Kuskokwim. In addition, Donlin Gold employees from three villages (Marshall, Pilot Station, and Pitka’s

Point) played a pivotal role in initiating waste backhaul operations along the Yukon River, culminating in

the collection and proper disposal of some 17,000 pounds of hazardous and electronic waste. Used

appliances were collected and removed from Kuskokwim villages and assembled in Bethel where the

annual event with our partners took place. Moreover, Donlin Gold supported the Chevak Search and

Rescue team and provided funding to various health and safety initiatives throughout the Y-K and Cook

Inlet regions, such as Skwentna and Nikolai.

Education lies at the heart of Donlin Gold’s community engagement efforts, with a high priority placed on

advancing educational opportunities in Alaska. In June 2023, Donlin Gold provided support to the Alaska

EXCEL program, a nonprofit organization offering supplemental academic, career development, and

technical education initiatives for rural youth and young adults across the Y-K region. This program allows

students to earn high school credits toward graduation while simultaneously acquiring college credits.

Furthermore, Donlin Gold continues to offer financial support to the Alaska School Activities Association, a

statewide nonprofit organization dedicated to overseeing and promoting Alaska’s high school

interscholastic athletic, academic, and fine arts activities. NOVAGOLD also affirms its commitment to

education by funding an annual scholarship at the University of Alaska, designed to benefit

underrepresented students pursuing majors in Mine Engineering and Geology, hence contributing to the

development of future talent in these critical professional fields.

Providing Support in Permitting Process and Efficient Issuance of Remaining State

Level Permits

Permitting in the United States and Alaska represents a significant and rigorous endeavor, where success

hinges on years of dedicated efforts to ensure a diligent, thorough, transparent, and inclusive process that

engages all stakeholders, including those from the Y-K region. Donlin Gold, its Owners, and partners

Calista and TKC possess an intimate understanding of the project’s permitting and regulatory procedures

and remain committed to supporting the Federal and State agencies in defending such a rigorous

permitting process.

The new air quality permit based on updated air quality modeling and emissions controls information was

issued on July 1, 2023, and was not appealed. The regularly scheduled re-issuance of the project’s Alaska

Pollutant Discharge Elimination System permit from ADEC is underway and was extended indefinitely

through reissuance, which is expected to occur in 2024. On August 18, 2023, the Commissioner reaffirmed

ADEC’s issuance of the 401 Certification (Alaska water quality certification), following an appeal by

Earthjustice and ONC.

On September 1, 2023, the Alaska Superior Court affirmed the State of Alaska Department of Natural

Resources’ (“ADNR”) decision on Donlin Gold’s water rights permits. This followed an unsuccessful appeal

to the ADNR Commissioner.

On April 12 and July 3, 2023, the Alaska Superior Court affirmed the ADNR’s issuance of the State ROW

lease in the Earthjustice and Robert Fithian cases, respectively. The decision in the Earthjustice case has

been appealed to the Alaska Supreme Court. The briefing process is underway. Mr. Fithian did not appeal

to the Alaska Supreme Court.

In the third quarter, the State of Alaska was granted intervenor status along with Donlin Gold and Calista

with respect to the Federal litigation challenging the Donlin Gold Joint Record of Decision, including the

404 permit issued by the Corps and ROW lease for the portions of the pipeline on Federal lands issued by

the Bureau of Land Management of the U.S. Department of Interior. The U.S. Department of Justice (DOJ)

is currently compiling the Administrative Record for the court, and the briefing process is expected to be

scheduled in 2024. The DOJ is defending the issuance of the permits by those Federal agencies.

Despite multiple challenges, all appeals against Donlin Gold permits have been unsuccessful to date,

underscoring our ongoing confidence in the process. We recognize the importance of preparedness and

organization in these matters. With the unwavering support of Donlin Gold and its Owners, we will

continue to back the agencies in defending their thorough and diligent permitting process.

A Strong Treasury

With $130 million in cash and term deposits as of August 31, 2023, including the receipt of a $25 million

note payment from Newmont in July 2023, NOVAGOLD is confident in our financial ability to cover

projected expenses for our contribution to the Donlin Gold project through an updated feasibility study.

Over the past decade, NOVAGOLD’s leadership team has managed the project with characteristic

diligence and a strong focus on responsible stewardship of capital, while fulfilling commitments made to

shareholders since taking over the company in 2012. Led by an experienced management team, we have

prioritized risk reduction and value enhancement, notably avoiding the need for further equity issuance

for more than 10 years in order to execute on our strategy.

These considerable achievements are the product of an incredible amount of work, only made possible by

the dedication of our entire team: from the programs at the Donlin Gold site to the permitting efforts with

the State and Federal agencies, the studies and workshops conducted with third parties, the community

outreach spanning a region that covers tens of thousands of square miles, to the environmental,

educational and social initiatives which we hold so dear. I am deeply thankful to all our colleagues and

partners at Donlin Gold, Calista, TKC, and NOVAGOLD for their constant collaboration, and indeed to our

esteemed Board of Directors members for their determination and guidance.

Sincerely,

Gregory A. Lang

President and CEO

Financial Results

in thousands of U.S. dollars, except for per share amounts

Three months

ended

August 31,

2023

$

Three months

ended

August 31,

2022

$

Nine months

ended

August 31,

2023

$

Nine months

ended

August 31,

2022

$

General and administrative expense (1) 5,243 4,872 16,385 15,420

Share of losses – Donlin Gold 3,978 9,412 15,996 21,893

Total operating expenses 9,221 14,284 32,381 37,313

Loss from operations (9,221) (14,284) (32,381) (37,313)

Interest expense on promissory note (3,433) (2,198) (9,589) (5,394)

Accretion of notes receivable 145 212 579 631

Other income, net 1,435 147 5,084 988

Income tax expense — — (75) —

Net loss (11,074) (16,123) (36,382) (41,088)

Net Loss per share, basic and diluted (0.03) (0.05) (0.11) (0.12)

At At

August 31,

2023

$

November 30,

2022

$

Cash and term deposits 130,079 125,882

Total assets 138,133 159,189

Total liabilities 138,092 129,286

In the third quarter of 2023, Net loss decreased by $5,049 from 2022, primarily due to lower field

expenses at Donlin Gold compared to the same period in 2022, and increased interest income on cash

and term deposits, partially offset by an increase in interest expense on the promissory note as well as

higher corporate travel and legal expenses. Donlin Gold expenses were lower in the third quarter of 2023

compared to costs associated with the large exploration drilling program that took place in the third

quarter of 2022, because expenses for the fieldwork and geotechnical drilling for the Alaska Dam Safety

certificates applications and hydrological drilling to support mine planning and design that were

completed in July were lower.

In the first nine months of 2023, Net loss decreased by $4,706 from 2022, primarily due to lower field

expenses at Donlin Gold, increased interest income on cash and term deposits, and other income related

to the 2021 sale of the Company’s interest in the San Roque mineral property, partially offset by an

increase in interest expense on the promissory note and higher corporate travel and legal expenses.

Donlin Gold expenses were lower in 2023 compared to costs associated with the large exploration drilling

program that took place in 2022 because expenses for the fieldwork and geotechnical drilling for the

Alaska Dam Safety certificates applications and hydrological drilling to support mine planning and design

that were completed in July were lower.

Liquidity and Capital Resources

In the third quarter of 2023, cash and cash equivalents decreased by $2,875, mainly to fund our share of

Donlin Gold and for corporate administrative expenses. The decrease in cash used in operating activities

in the third quarter of 2023 compared to 2022 was primarily due to interest proceeds received on cash

and term deposits. The decrease in cash used in investing activities was primarily due to lower Donlin

Gold funding requirements. The Newmont note payment of $25,000 was received in July 2023 and

$24,000 of that payment was invested in term deposits.

In the first nine months of 2023 cash and cash equivalents decreased by $19,803, mainly to fund our share

of Donlin Gold and for corporate administrative expenses, offset by the note proceeds received from

Newmont. The decrease in cash used in operating activities in the first nine months of 2023 compared to

2022 was primarily due to increased interest proceeds received on cash and term deposits in 2023, the

timing of corporate liability insurance payments, and withholding tax paid on share-based compensation

in 2022 (no PSUs vested in 2023). The decrease in cash used in investing activities was primarily due to the

note proceeds received from Newmont, lower Donlin Gold funding requirements, partially offset by net

proceeds from term deposits in 2022.

2023 Outlook

Our anticipated expenditures in fiscal year 2023 are approximately $32,000, including $18,000 to fund our

share of the Donlin Gold project, $13,000 for corporate general and administrative costs, and $1,000 for

working capital and other items, representing an increase of $1,000 to fund additional mining studies at

the Donlin Gold project.

NOVAGOLD’s main objectives include continuing to advance the Donlin Gold project toward a

construction decision; maintaining support for Donlin Gold among the project’s stakeholders; promoting

a strong health and safety, sustainability, and environmental culture; maintaining a favorable reputation of

NOVAGOLD; and preserving a healthy balance sheet. Our operations primarily relate to the delivery of

project milestones, including the achievement of various technical, environmental, sustainable

development, economic and legal objectives, obtaining necessary permits, completion of an updated

feasibility study, preparation of engineering designs, and the financing to fund these objectives.

Conference Call & Webcast Details

NOVAGOLD’s conference call and webcast to discuss these results will take place on October 4, 2023, at

8:00 am PT (11:00 am ET). The webcast and conference call-in details are provided below.

The video webcast and conference call-in details are provided below.

Video Webcast: www.novagold.com/investors/events/

North American callers: 1-800-319-4610

International callers: 1-604-638-5340

About NOVAGOLD

NOVAGOLD is a well-financed precious metals company focused on the development of its 50%-owned

Donlin Gold project in Alaska, one of the safest mining jurisdictions in the world. With approximately 39

million ounces of gold in the Measured and Indicated Mineral Resource categories, inclusive of Proven

and Probable Mineral Reserves (541 million tonnes at an average grade of approximately 2.24 grams per

tonne, in the Measured and Indicated Resource categories on a 100% basis)3, the Donlin Gold project is

regarded to be one of the largest, highest-grade, and most prospective known open-pit gold deposits in

the world. According to the 2021 Technical Report and the S-K 1300 Report, once in production, the

Donlin Gold project is expected to produce an average of more than one million ounces per year over a

27-year mine life on a 100% basis. The Donlin Gold project has substantial exploration potential beyond

3 Donlin Gold data as per the 2021 Technical Report and the S-K 1300 Report. Please see footnote 2 above.